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A large economic downturn in East Asia threatens to end its nearly 30 year run of high growth rates The crisis has caused Asian currencies to fall 50-60 stock markets to decline 40 banks to close and property values to drop The crisis was brought on by currency devaluations bad banking practices high foreign debt loose government regulation and corruption Due to East Asias large impact on the world economy the panic in Thailand Indonesia Korea and other Asian countries has prompted other countries to worry about the affect on their own economies and offer aid to the financially troubled nations Sanger 1 The East Asian crisis has affected almost all of the Asian ations but the three hardest hit countries are Thailand Indonesia and South Korea The panic began in Thailand in May of 1997 when speculators worried about Thailands slowing economy excessive debt and political instability devalued the baht as they fled for market-driven currencies like the American dollar Indonesias economy soon fell soon after when the rupiah hit a record low against the US dollar Indonesia is plagued by more than 70 billion worth of bad debts and a corrupt and inefficient government Thailand and Indonesia also suffer from being overbuilt during real estate booms that Reven2 were the result of huge influxes of cash by optimistic foreign investors South Korea faltered under the weight of its huge foreign debt decreasing exports and weakening currency Lochhead 4-5 Other major countries touched by the crisis are Japan China Malaysia and the Philippines Japans economy is burdened by 300 billion in bad bank loans and a recession Chinese banks may carry bad banks loans of up to 1 trillion The banks lend 66 of Chinas investment capital to state-run industries that only produce 12 of Chinas industrial output Manning 2 Malaysia and the Philippines are both faced with devalued currencies and lowered stock markets Lochhead 5 The implications of
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